All publications by tag «OFFSHORE»
Mergers among offshore oil drillers are raising hopes that consolidation could bring relief to a sector struggling to emerge from an industry downturn triggered by low crude prices.
Global offshore oil production (including lease condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million barrels per day (b/d) in 2015. Deepwater production, or production in water of depths greater than 125 meters, has increased 25% from nearly 7 million b/d a decade ago.
Global offshore oil production (including lease condensate and hydrocarbon gas liquids) in 2015 was at the highest level since 2010, and accounted for nearly 30% of total global oil production. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines from 2010 to 2013. Production from onshore tight oil plays has increased faster over the past several years and accounts for an increasing amount of total oil production.
Production at Khafji was halted in October 2014 because of environmental concerns. The 300,000-b/d field lies in the Saudi-Kuwaiti neutral zone. Kuwait Gulf Oil Co. and Saudi Aramco Gulf Operations Co. jointly operate it. Neither company commented on restart reports.
In addition to Vietnam, Rosneft also has oil-producing assets in Venezuela and Canada. It has exploration prospects in several other countries, including in Mozambique and the US in partnership with ExxonMobil.
Diamond Offshore Drilling, Inc. (NYSE: DO) today reported net income of $90 million, or $0.66 per share, in the second quarter of 2015, compared to $90 million, or $0.65 per share, in the second quarter of 2014. Revenues in the second quarter of 2015 were $634 million, compared to revenues of $692 million in the second quarter of 2014.
A major challenge ahead for the offshore oil and gas industry will be figuring out how to fill the 50 million-b/d gap in liquids production that will be needed to match rising demand by 2040, IHS Energy Chief Upstream Strategist Bob Fryklund told attendees May 4 at the Offshore Technology Conference in Houston.
Advances in technology, standards and practices in the last five years have made America’s offshore #oil and natural #gas industry safer than ever, #API President and CEO Jack Gerard told reporters on a press conference call today.
As most drilling companies that have rigs without a contract, today, are idling or cold-stacking these rigs, it is estimated that around 140 rigs are heading toward retirement over the next few years as the industry makes way for the newbuilds scheduled for delivery by the end of the decade. Around 360 rigs that are in the current market fleet are more than 30 years old and must be retired at some point.
European companies are increasing their focus on offshore projects, securing an increase of their financing facilities and forging joint ventures to reduce costs.